Crypto News – Witek Radomski, a co-founder of Atlas Development, clarified that hybrid storage solutions like Filecoin or IPFS might be the answer.
Witek Radomski Compared: Is Bitcoin Ordinals or Off-chain NFT Storage More Suitable?
Web3 executives encouraged developers to think carefully about which NFT kinds belong in the blockchain and which should be stored off it, as both on-chain and off-chain storage have certain advantages and disadvantages. NFTs were not kept on the blockchain until 2022. Back then, it was standard practice for NFTs within a blockchain to point to a site outside the chain for data storage. Head of strategy at Rari Foundation, Jana Bertram, stated that early in the FTX bankruptcy story, the issue with this kind of NFT storage was brought to light.
Off-chain storage relies on the network’s accessibility and the storage layer availability. This implies that the security of the NFT is susceptible to more potential compromises, affecting its permanence.
Bertram
Radomski Talks About On- and Off-Chain Storage Methods
But then Bitcoin Ordinals came along and altered the rules. A new set of trade-offs results from the use of ordinals to store NFT data on-chain. Bitcoin-based NFTs generated discussion over whether or not they belong in the Bitcoin network, even if they had benefits like permanence because they were stored on the blockchain.
Web3 producers now need to choose where to store their NFTs, as there are various solutions accessible. Thought leaders in the NFT area clarified how makers might choose where to keep NFTs, as this could be a perplexing quandary. Off-chain storage is the most economical option for managing large amounts of data, according to Radomski. On-chain storage, however, might resemble a long-term, impenetrable vault.
I think creators should decide what deserves the vault treatment and what can live in the cloud.
Radomski
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